Wednesday, November 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.594, three cents below Tuesday’s closing price of $2.621. In an uneventful day of trading, prices fluctuated with a two-cent range of $2.585 for the majority of the day. With the current below-average conditions priced into the market, traders are looking ahead for a forecast of extended cold, as production remains healthy. Falling to an intraday low of $2.570 at 1:00PM, December closed lower on Wednesday at $2.600.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 6 BCF injection to storage for the week ended November 8th. This compares to a 39 BCF injection at this time last year and a five-year average injection amount of 30 BCF.
As of 9:15AM EST this morning in Globex, WTI Crude was down 42 cents; Natural Gas was up six cents; Heating Oil was down two cents; and Gasoline was down one cent.
Natural Gas Glossary
Natural Gas Supplier
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
